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← International Centre For Life Trust

2025-03-31-accounts

Registered No: 03225820 Charity No: 1059607

International Centre for Life Trust (A Company Limited by Guarantee)

Trustees’ Report and Financial Statements For the year ended 31 March 2025

INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Contents Pages
Annual report of the trustees 1 – 12
Strategic report 13 – 18
Auditors report 19 – 22
Consolidated statement of financial activities (including consolidated income and 23 – 24
expenditure account)
Consolidated balance sheet 25
Charitable company balance sheet 26
Consolidated statement of cash flow 27
Notes to the financial statements 28 – 55

INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Reference and administration details

Registered name

International Centre for Life Trust

Other names used by the charity

LIFE Centre for Life

Registered charity number

1059607

Company number 03225820

Registered office

Life Hub Times Square Newcastle upon Tyne NE1 4EP

Current Trustees

Fiona Crozier (aka Cruickshank) OBE Chair Linda Conlon MBE DL John Downes Mathen Ganesan Andrew Herridge Professor Jane Robinson DL Mark Ryan Tracey Stonehouse Laura Strain Lucy Winskell OBE LL

Honorary Presidents of the International Centre for Life

The Viscount Ridley Alastair G Balls CB

Honorary Vice President of the International Centre for Life

Professor Ian Fells CBE

Company Secretary

Claire Adams FCILEx

Page 1

INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Reference and administration details (continued)

Executive leadership team

The executive leadership team, who together with the Trustees listed on page 3, are the key management of International Centre for Life Trust is:

Linda Conlon MBE DL Chief Executive Claire Adams Chief Operating Officer and Deputy Chief Executive Julia Hankin Marketing and Communications Director Kate Peel Finance Director

Auditor

RSM UK Audit LLP Chartered Accountants and Registered Auditors 1 St James’ Gate Newcastle upon Tyne NE1 4AD

Principal bankers

Barclays Bank plc North East Team Floor 7 Bank House Newcastle upon Tyne NE1 6QE

Page 2

INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Reference and administration details (continued)

Board of Trustees

The Trustees act as the company directors of the International Centre for Life Trust, and under charity law they have legal duties and responsibilities as Trustees.

Membership of the Board of Trustees during the year is as follows:

Trustee Year of Trustee Date of
appointment resignation
Fiona Crozier (aka Cruickshank) OBE – Chair 2013
Linda Conlon MBE DL – Chief Executive of the Trust 2007
John Downes 2021
Mathen Ganesan 2022
Andrew Herridge * 2024
Louise Hunter MBE 2020 30/01/2025
Professor Jane Robinson DL * 2019
Mark Ryan 2021
Professor Roy Sandbach OBE 2012 31/07/2024
Tracey Stonehouse 2021
Laura Strain 2023
Lucy Winskell 2013
Councillor Margaret Wood * 2022 03/06/2024

Biographies of Trustees can be found at www.life.org.uk/who-we-are/meet-the-team/

*Notes:

Newcastle Upon Tyne City Council’s nominated director on the Board at the start of the financial year was Councillor Margaret Wood who resigned on 3 June 2024 and was replaced by Councillor Andrew Herridge on 18 July 2024.

Newcastle University’s nominated director on the Board is Professor Jane Robinson DL.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Legal structure and governance

The International Centre for Life Trust (Life) is a charitable private company limited by guarantee and was established in 1996. The Charity’s governing documents are its Memorandum and Articles of Association dated 10 July 1996 as amended on 26 March 2018. The Charity has a wholly owned trading subsidiary, International Centre for Life (Property) Limited and a dormant wholly owned subsidiary, International Centre for Life (Trading) Limited.

Corporate governance

The Charity is governed by a Board of Trustees, and is chaired by Fiona Cruickshank, OBE. The Board meets quarterly to review performance and consider future strategy. In addition, an Audit Committee comprising of up to four Trustees meets at least once each year and has access to the external auditors, without management present, to discuss audit related matters. A Remuneration group is also in place to review pay related matters and meets at least once a year. An Investment Committee meets twice a year to review performance of the investment portfolios and the investment manager, and to consider any recommendations from the Investment Manager.

Board composition is subject to regular review to ensure that it is diverse and has the requisite skills and experience to undertake its duties. During the period, one new recruit, the nominated representative from Newcastle City Council was welcomed to the Trust.

Both Newcastle University and Newcastle upon Tyne City Council are entitled to nominate a non-executive director to the Board.

Trustees are appointed in accordance with the Articles of Association and are required to complete declarations confirming their eligibility to act as trustees in accordance with the latest advice from the Charity Commission. A trustee induction programme is also in place to ensure trustees are thoroughly briefed on their role as a trustee and understand fully Life’s purpose, values and activities. Trustees are familiar with the UK Corporate Governance Code and the Charity Governance Code and are satisfied that the principle of good governance applies throughout the Trust. Further advice will be obtained from charity specialists, the Charity Commission and external auditors, where appropriate. A schedule of Trustees’ interests is kept up to date and is provided at all meetings. A record of trustee attendance is also regularly reviewed.

The Trust has anti-bribery and corruption policies and procedures relevant to the size and limited international activities of the group, plus a whistle-blowing policy and a gifts and hospitality policy.

The Trust’s wholly owned subsidiary trading company, International Centre for Life (Property) Limited, meets four times a year, to link with the programme of Trust board meetings. In accordance with the control mechanisms contained in the subsidiary’s Memorandum and Articles of Association, its business plan and relevant activities are reported to the Trust for approval.

The executive leadership team, who are responsible for the day to day running of the International Centre for Life Trust, meets regularly to discuss strategy supported by financial modelling, science engagement, fund raising, commercial activities, corporate administration, risk, and health and safety. Biographies of the executive leadership team are available at: www.life.org.uk/who-we-are/meet-the-team/

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Pay policy for Directors/Trustees and senior staff

Trustees do not receive fees, remuneration, salary or other financial benefits, except for the Chief Executive in respect of her executive role. Details of Trustees’ expenses and related party transactions are disclosed in notes 6 and 26 to the accounts.

Staff pay is reviewed annually on 1 April, and is governed by an equal pay policy. Staff benefits are also reviewed regularly to help attract and retain high quality staff.

Equality, diversity and inclusion (EDI)

Life is committed to a diverse, equal and inclusive science community, learning environment and workplace. We believe that science is for everyone and that society benefits most when all contributions are valued and celebrated and everyone can engage with, and share in, the results of scientific research.

This approach extends to all audiences and to suppliers, partners, stakeholders and the Life team; and is enshrined in our values and behaviours. Life strives to provide equality and fairness for all and is committed to an on-going review of its policies, employment practices and procedures.

Life continues to be recognised for its work in accessibility and inclusion, and intends to build on the awards already received to meet our aim of becoming the most accessible visitor attraction in the United Kingdom.

People

Through embedding EDI across the organisation, Life aims to be an employer of choice by providing an honest and fair working environment for everyone. Life ensures that all staff receive regular EDI training, including LGBTQIA+ training and autism awareness training, delivered by its partner the North East Autism Society. This training is part of Life’s induction programme for new starters. Life has improved recruitment and selection processes with the aim of eliminating biases and increasing reach.

As part of the Life wellbeing programme, a Wellbeing Hub has been created as a ‘one stop shop’ for useful information, hints and tips on everything from dealing with cost of living pressures to actions that staff can undertake to help own mental and physical health. As part of the wellbeing framework, a number of staff have been trained as Mental Health First Aiders, Domestic Abuse Champions and Health Advocates and an employee confidential helpline is in place through Mindful Employer.

Objectives and activities

Our purpose is to inspire everyone to explore and enjoy science, and to provide a world-class science hub where life enhancing engagement, research and patient treatment can thrive.

Everything we do is rooted in our values:

Life: a place where science lives and grows.

Public benefit

We recognise that charity law demands that we are explicit about defining the public benefit that flows from our activities. We make strenuous efforts to ensure that details of all our activities are kept updated on our website and through regular newsletters and other communication. We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in agreeing

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities - Public benefit (Continued)

our future objectives. In particular, the Trustees consider regularly how planned activities will contribute to the aims and objectives they have set.

The International Centre for Life is managed by an independent charity with charitable aims which fall into the following two categories under the Charities Act 2011: -

In order to achieve our objectives we operate Life Science Centre, which inspires everyone to explore and enjoy science, discover amazing things about the world and have loads of fun doing it.

Alongside the science centre, key partners – the NHS and Newcastle University – occupy laboratory space, patient treatment clinics and clean rooms onsite, carrying out pioneering research and patient treatments, earning international recognition and helping people live better lives. The buildings in which these spaces are housed are owned and maintained by our subsidiary company, International Centre for Life (Property) Ltd, which generates funds from rental income, facilities management and car park activities, together with a range of other commercial activities which sit along side the main science centre experience. International Centre for Life (Property) Ltd gift aids all of its taxable profits to the charity each year.

Life is an active member of national and international networks representing the science centre sector and collaborates with centres globally on a range of research and learning projects. Chief Executive, Linda Conlon, was the first woman in Europe to chair the Association of Science and Technology Centres (ASTC), a body representing over 650 science centres from 55 countries.

Delivering the mission

Science engagement

The science engagement programme has been delivered with the support of many individuals and organisations, not only in the North East but also the wider UK and elsewhere in the world. A key partnership with Northumbria University that has endured for 15 years was renewed when both parties signed a memorandum of understanding on 29 April 2025.

The science centre core offer comprises a mix of explainer-led and self-directed experiences. The explainer-led activities include the Life Science Theatre, Making Studios, and Experiment Zone. The planetarium offers both live and pre-recorded shows. Self-directed activities include a growing number of interactive areas, including the WOW, Brain, Space and Play Zones. A new exhibition called Lightbox opened in May 2025. In addition, special events and activities take place at holiday times and external providers are brought in periodically to enrich the mix.

To highlight some of the ground-breaking research taking place in the region, Life welcomes STEM professionals regularly to engage with visitors. These Spotlight Days bring several aspects of research on similar topics together so that families can find out more about the exciting developments taking place on their doorstep. They are also used as a mechanism to introduce community groups to the centre.

The aim, overall, is to provide a half day, varied and changing visitor experience that represents good value and appeals to the core market of families with young children.

In addition, the schools programme offers a range of curriculum linked workshops for all key stages as well as special ‘one-off’ STEM events and bespoke workshops for children with special needs. Grant-funded programmes offer a package of blended learning comprising workshops delivered at Life,

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Delivering the mission – science engagement (Continued)

outreach activities at schools and a digital component, providing an opportunity to chat with a STEM professional.

Accessibility and inclusion for all lies at the heart of the approach. Efforts continue to target communities who would not otherwise visit Life for a multitude of reasons, including financial, physical and social barriers. Feedback demonstrates that making the visitor experience accessible and inclusive for these groups, makes it better for everyone. Life’s reputation in this area continues to grow.

Key activities during 2024/25

It has been a busy and productive year. The science centre has delivered a programme of astonishing breadth to its audiences, has continued to make improvements to enhance the overall visitor experience and has developed further its innovative work with audiences that have sensory and other needs.

Highlights of the year

The Anatomy of a Dinosaur show from educational performers Teach Rex, brought prehistoric energy with its 6m long Tyrannosaurus Rex walking puppet while anatomy specialists, Medical Mavericks, brought their Human Guinea Pig Show, highlighting the incredible technology that can be seen inside our bodies, helping medical professionals to keep us healthy. Both shows were very popular with young audiences

The former meetings and events space was reimagined as a summer festival-style chill out space called Indoors, Outdoors, with activities and games including rainbow flags, an 8ft teepee and a family-sized deck chair, which was popular as a photo opportunity. Links to the importance of play were highlighted and a QR code provided more information.

An October Spotlight on Space Day was attended by representatives from the region’s universities and several commercial companies. It highlighted the space industry in the region and the breadth of activities undertaken.

To celebrate British Science Week and mark the start of Life’s 25[th] anniversary celebrations, Luma , a giant inflatable robotic snail from Bristol-based Airgiants, delighted audiences. The snail, and other complimentary inflatables, attracted over 3,000 visitors.

Nine preschool days were delivered. These continue to grow steadily in numbers, averaging 563 participants per event compared with 437 in the previous year.

The planetarium consistently appeals to Life audiences, attracting just over 100,000 visitors this year. It remains the most highly visited activity with a 94% satisfaction rating. A new show, Earth Defenders!, launched to appreciative family audiences while Pink Floyd’s iconic album, Dark Side of the Moon , and Queen Heaven were hugely popular with adult audiences.

Schools and community engagement

Over the period, there were 46,353 interactions with schools and community groups, which represents an increase of 5,000 schools interactions compared with the prior financial year.

The core schools programme continues to focus on 18 curriculum-linked workshops for young people from ages 4-18, illustrating the relevance of science and technology to their lives and interests.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Delivering the mission (Continued)

Schools and community engagement (continued)

In addition to the core programme, there is a rich variety of other activities. These include one-off special events; outreach programmes; on-line activities and home educator days. For many schools, however, financial pressures limit their opportunity to take part. External funding, therefore, has been sought to ensure that those schools in high areas of deprivation have been able to access the programme.

Funding from the UK Space Agency and the EDINA Trust funded 60 schools to complete the Space Explorers package. This included a new mobile planetarium show, a space-themed workshop, an online I’m a Scientist session, and the opportunity to build a model lunar base. Discussions continue with Lockheed Martin on partnership working, as they progress plans to establish a new and major space centre in Newcastle.

Funding from the North East Combined Authority (NECA) has enabled 23 schools from Newcastle, North Tyneside and Northumberland to access an outreach programme of after school science clubs. 15 schools have now completed their sessions and activities have been developed for young people in three different key stages.

Life aspires to be the most accessible and inclusive visitor attraction in the UK and our community engagement work supports this aspiration. Much has been achieved but there is still much more to do.

The aim is to reach communities that would otherwise not visit, for a multitude of reasons, such as physical, sensory or financial barriers, and including those in poorer areas of the west and east of the city.

Grants have been secured to support these groups and to offer activities for them. These include science clubs for deaf and visually impaired children, with workshops that meet their needs. The Relaxed Sunday sessions continue to grow and it was a great occasion celebrating the 5[th] anniversary of the North East Autism Society (NEAS) Science Club with children and their parents. It was a real accolade, too, when Life was given the NEAS Autism Acceptance Gold Award, the first time it has ever been granted.

Community Passes are a mechanism to bring targeted community groups to Life for free, including special Spotlight Days. During the year, the passes were used to invite the following groups: Disability North, Evening Chronicle Sunshine Fund, Healthworks, West School Trust, Evry and ACANE. The percentage attendance at Spotlight Days continues to be high, suggesting these ‘VIP days’ are well received.

Life’s partnership with Local Authorities has continued, with over 2,300 visits funded through six local authorities, enabling young people and families to spend a day at Life and receive a nutritious meal. This included working with the SEND teams from both Newcastle and North Tyneside Council supporting those with special needs and disabilities to take part.

Research and care

Life's onsite partners continue to do life-enhancing work, both in research and clinical care, and there are 30 research groups with over 200 research staff and postgraduate students engaged in this work. The NHS Northern Genetics Service on site houses more than 150 NHS staff, including the Molecular Diagnostic Service for the region and Clinical Genetics directorate of the Newcastle upon Tyne NHS Fertility Centre, also located on site. In addition, several researchers have started companies to expand the impact of their research and benefit the wider region.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Delivering the mission (Continued)

Research and care (continued)

It is worth highlighting The John Walton Muscular Dystrophy Research Centre, which has been designated a Centre of Excellence for research and care for patients with neuromuscular diseases by Muscular Dystrophy UK, the largest patient advocacy group for patients with these rare and devastating conditions. It has a growing reputation on the international stage.

In the field of regenerative medicine, Professor Majlinda Lako, a scientist at Life since 2003, is working on an ERC advanced grant to generate photoreceptor cells for transplantation in animal models of retinal degeneration. This will pave the way for efficient, scalable, and cost-effective transplants for patients suffering from retinal blindness

Life's 25th anniversary year has provided an excellent platform from which to highlight the work of our onsite partners and to demonstrate its wider public benefit. For example, a new exhibition charting the origins and research achievements of Life has been opened in the science centre has been seen by thousands of visitors. Scientists from both Newcastle University and the NHS took part in a debate to explore the future direction of genetic science and the potential for personalised medicine, while a very successful 'Spotlight Day' in the science centre involved teams of researchers engaging with the public to describe their work and answer questions about it.

And a call out to the public to share their stories about Life resulted in dozens of positive examples, many of which claimed that treatment received on site had been 'life changing'.

This included stories from people with fertility problems who had gone on to have healthy babies, following treatment at the onsite Fertility Centre. Over 600 babies have been born with their support in the last 25 years.

Environmental sustainability

Life recognises the importance of developing in a sustainable manner and acknowledges its social responsibility in this area. Sustainability is a key value, underpinned by a commitment to use resources and facilities responsibly to ensure the long-term health of Life and its communities, and to carry out business in ways that minimise negative effects on the environment.

An environmental sustainability plan is in place to integrate environmental management into day-to-day operations and with targets to reduce energy and water consumption; and minimise the Centre’s carbon footprint. The plan includes the reduction, re-use and recycling of waste; procurement of sustainable products; and the adoption of sustainable approaches to construction, refurbishment and maintenance. The plan is reviewed regularly to ensure that targets continue to be met.

The science centre continues to focus on climate science as a key strand of engagement with all audiences.

Reserves policy

In accordance with Charity Commission guidelines, the Trust’s reserves policy is to provide the group and charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.

With an extensive and ageing property portfolio and increasing legislative requirements for commercial buildings, landlord obligations increase year on year. Recognising this, in conjunction with the subsidiary, International Centre for Life (Property) Limited, a capital renewal plan is in place which sets out in detail planned spend on replacing capital items across the property portfolio over the period to 2033 – the expiration of the University leases.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Delivering the mission (Continued)

Reserves policy (continued)

Substantial funds were designated to this fund both at its inception and a further top up in 2023, together with an ongoing annual commitment of £215k. Levels of expenditure are reviewed by Trustees on a regular basis against this plan. The total of unrestricted reserves designated for this purpose at the year end amounted to £1.11m. Following increased calls on the capital renewal plan arising from ageing equipment and buildings, and new building safety and fire safety regulations, Trustees are being asked to increase the annual commitment to the plan to support essential works to keep buildings and infrastructure operational.

The target for Life’s unrestricted undesignated reserves is set by reference to the risks outlined in the Financial Review on pages 17 and 18. For each risk identified in the table, an estimate is made of the likely financial consequences of the risk which is then used to determine the level of free reserves to be held. This risk assessment is a dynamic process and is reviewed on a regular basis. At the year end, the target reserves level was in the range £0.60m to £1.25m.

The free reserves of the Trust (being unrestricted reserves which have not been designated for specific purposes less amounts held in fixed assets) as at 31 March 2025 are £1.586m (2024: £1.408m) and of the Group are £0.656m (2024: £0.722m). These levels fall within or slightly above the target reserves level, but due to capital commitments at the year end, fell fully within the target levels shortly afterwards.

We believe that our reserves position is a prudent one, covering essential bases.

However, as Life’s property portfolio ages, demands on the reserves grow. Most recently, essential and costly strengthening works totalling £1.5m have been necessary in Times Square Car Park. Looking ahead, considerable investment will need to be made to ensure that the Biomedicine East and West buildings are energy efficient and in line with statutory requirements.

The visitor attraction is now over 25 years old. Much of the essential infrastructure such as heating and cooling equipment needs to be replaced and visitor experiences will continue to need investment to ensure the offer is kept fresh and engaging.

Realising all of this will need external funding and a plan to move forward is being implemented.

Investment policy

Invested funds are held by Brewin Dolphin, who act as the Trust’s investment managers, and report on the value of the two investment portfolios on a quarterly basis. Performance is benchmarked against the appropriate risk level ARC Charity indices, and against Brewin Dolphin expected returns for the appropriate risk profiles. The investment policy is reviewed on a regular basis, to ensure the best rate of return is achieved for the acceptable level of risk, recognising the different purposes and lifetimes of each portfolio.

Fundraising

Life raises money for capital renewal through its own income generation efforts and grants sought from trusts, foundations and commercial companies. Visitors are given the option to purchase a higher priced admission ticket, including a donation, and if applicable, to opt to allow Life to claim a tax refund via gift aid. Life is a member of ‘The Big Give’ online scheme, whereby the public can opt to donate directly to the organisation. Similarly, it is part of the ‘Amazon Smile’ online scheme, where purchasers can opt for 0.5% of their purchase price to be donated by Amazon to Life.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Plans for the future

Life will continue to provide a regional base for research in the life sciences and to engage the people of North East England with STEM, fostering a climate where science can flourish. The Trust will do this with its partners onsite and with others from academia, business, charities and the wider community.

Life works hard to ensure that it remains relevant and appealing to audiences. Its rolling programme of capital renewal to upgrade the science centre offer continues, building upon recent developments and as part of the overall Visitor Improvement Plan. Work on creating a new and exciting use for the former motion ride space was completed and opened to the public in May 2025 and builds on the success of the WOW Zone, which opened in 2023. This project was completed using Life’s own reserves, but following this period of significant spend, future capital projects will require external funding.

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INTERNATIONAL CENTRE FOR LIFE TRUST

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees’ responsibilities

The trustees (who are also directors of International Centre for Life Trust for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

RSM UK Audit LLP has indicated a willingness to continue in office.

Approved on behalf of the Board:

Fiona Cruickshank OBE, Chair of the Trust Date: 01/08/25

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INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Financial review

The Trust’s principal operational funding sources, aside from profits gifted from International Centre for Life (Property) Limited, were admission fees of £894,883 (2024: £881,126) educational activity income of £120,505 (2024: £86,465) and public engagement programme income of £73,858 (2024: £61,652).

As detailed in note 3, the trading subsidiary, International Centre for Life (Property) Limited, generated income of £7,197,358 (2024: £7,107,024) and a profit after tax of £2,452,109 (2024: £2,582,417). During the year, £2,050,000 was paid across by the trading subsidiary as gift aid to the Trust.

The performance of the parent Trust company is as set out in note 5b. The net deficit for the year to 31 March 2025 is £646,635, compared to a surplus of £1,251,877 the previous year. The major reason for the change in performance is due to the timing of gift aid payments by the subsidiary in the current year being £1,363,186 lower than in the previous year. In addition, a rising cost basis, particularly affecting staffing costs which are our biggest commitment and the impact of global economic factors on the performance of the investment portfolios contributed to the decrease in funds within the Trust.

The overall consolidated deficit of £1,594,018 generated in the year to 31 March 2025 consists of a surplus of £168,328 from unrestricted funds and a deficit of £1,762,346 on restricted funds. The principal reason for the deficit on restricted funds is due to the depreciation charged on original grant-funded assets. This position is set out in the Statement of Financial Activities on page 24.

Key performance indicators

Key financial metrics for the group for the year to 31 March 2025 are as follows:

2025 2025 2024 2024
Restricted
funds £’000		 Unrestricted
funds £’000		 Restricted
funds £’000		 Unrestricted
funds £’000
Income 103 7,122 201 6,917
Net movement in funds (1,762) 168 (1,646) 707
Total reserves 23,018 11,864 24,780 11,696

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INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Financial review (Continued)

The majority of group income is raised from the property portfolio, with further income generated through trading activities, which complement the main charitable purpose activities, as shown in the graph below.

==> picture [476 x 243] intentionally omitted <==

----- Start of picture text -----
Where our money came from in 2024-25
Other income
Investment income
Education and public engagement activities
Science Centre Admissions
Other commercial income generators
Property portfolio including car park
- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
----- End of picture text -----

The changes in the levels of income generated from each of these sources from the 2024 to the 2025 financial years is shown below.

==> picture [438 x 289] intentionally omitted <==

----- Start of picture text -----
Total income 2024-2025
Increase Decrease Total
£7,350,000
£7,300,000
£7,250,000
£7,200,000
£7,150,000
£7,100,000
£7,050,000
£7,000,000
----- End of picture text -----

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INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Financial review (Continued)

The above chart shows healthy increases in income from the property portfolio, but also a reduction in income from both charitable activities and trading activities which continue to be affected by the cost of living crisis and visitor behaviour changes reducing both numbers visiting, and their propensity to spend once onsite.

The Ice Rink, again, operated over a shortened winter season, with the number of skaters being in line with the previous year, although a number of discounts were put in place to secure those skaters.

The graph below shows how funds were spent over the 2024-25 year.

==> picture [479 x 288] intentionally omitted <==

----- Start of picture text -----
How our money was spent in 2024-25
Cost of raising funds - non-property income generators
Cost of raising funds - Property portfolio
Cost of delivering our mission
- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000
----- End of picture text -----

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INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Financial review (Continued)

The changes in the levels of expenditure within each of these categories from the 2024 to the 2025 financial years is shown below.

==> picture [436 x 282] intentionally omitted <==

----- Start of picture text -----
Total expenditure 2024-2025
Increase Decrease Total
£8,900,000
£8,800,000
£8,700,000
£8,600,000
£8,500,000
£8,400,000
£8,300,000
£8,200,000
Total spend 2024 Charitable activities Property portfolio Trading activities Total spend 2025
----- End of picture text -----

Key metrics - visitors 2025 2024
Total visitor numbers 161,653 163,617
Visitors who skated 31,500 32,094
Science Centre and school visitors * 132,869 134,729

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INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Financial review (Continued)

The breakdown of visitors in 2024/25 was as follows:

==> picture [452 x 182] intentionally omitted <==

----- Start of picture text -----
Visitor proportion 2024-25
Santa Experience
Adult events
Science Centre - Groups
Science Centre - Members
Schools and Educators
Skaters
Science Centre - Families
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
----- End of picture text -----

Of the total 132,869 Science Centre and Education visits, 11,465, or 8.6% (2024 8.2%), were from members. Of the total 161,653 visitors, 86,128 or 53% (2024 53%), were children.

Key risks

The key risks facing Life, and driving the reserves policy, are as follows:

Risk Management
Property
and
financial
sustainability
Future significant reduction in the
flow of commercial income from
Biomedicine
West
and
East
buildings, car park or Retail units
(bars and clubs)		 Preparation of detailed plans to ensure that the buildings are
“market ready” if key tenant exits in 2033, including assessment of
costs to achieve statutory energy efficiency requirements
Ensure that sinking fund monies are spent in a timely way to
support this
Investigate all options to secure an income stream to support the
mission including selling the buildings to a third party to realise a
capital sum
Ongoing programme of repairs to ensure maximum availability of
car parking bays
Regular review of car parking charges in line with local competition
Plan to secure further leases of units post December 2026 whether
by existing tenants or marketing to new end users
Science centre
Declining numbers of paying visitors
to the science centre		 Detailed analysis of visitor behaviours/trends and pricing to inform
future planning
Regular review of science centre offer to capitalise on seasonal
and other events
Introduce external science content providers
Regular training for customer facing staff
Strategic price discounting at key times
New advertising/communications campaign to reinforce key
messages
Succession
Departure of Chair/senior staff in the
short/medium term		 Begin recruitment process for a new Chair to be in place by 2026
Identify likely timeframe for senior staff departures and plan
accordingly
Regular bespoke training for all Head level staff to ensure an
ongoing and stronglevelofsupportforthe business

Page 17

INTERNATIONAL CENTRE FOR LIFE TRUST

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Business continuity
Risk of a major incident – fire,
terrorist threat, gas explosion etc		 Business continuity plan in place – updated regularly and reviewed
annually
Annual scenario testing
Policies and procedures in place to help early detection and
mitigate damage
Staff training
Security and fire measures in place across site
Health and safety
Risk of damage to reputation
following a major Health and Safety
incident		 Robust H&S policies and procedures in place
Regular staff training
Use of external expert advisors
Cyber security
Risk of cyber attack		 Robust cyber security policies and procedures in place
Specialist training for IT team plus ongoing cyber fraud awareness
training for all staff on regular basis
Work with external security partner to develop and implement a
strategy to fully comply with NIST Cybersecurity Framework (CSF)
Financial
Risk of targeted fraud attempt		 Ongoing staff training and awareness raising
Robust finance procedures

Internal financial control

The Trust’s system of financial control is based on a framework of reporting regular management information with detailed financial controls. These detailed controls are supported by financial regulations, copies of which are held by the staff. These controls have been reviewed against the guidance issued by the Charity Commission’s “internal financial controls for charities” guidance (known as “CC8”) and supplemental checklist. The guidance is intended to help trustees protect their charity’s investments and assets (e.g. money, data, property), get the most out of their resources, and protect them against risks.

The financial regulations specify the levels of delegation to the Executive and those limits above which the approval of the Chair and/or other trustees is required.

The Audit Committee consider all financial and audit matters relating to the Trust and review annually the internal financial controls. The Audit Committee has direct access to the external auditors. In accordance with best governance practise, the Audit Committee periodically re-tender for audit services.

The financial statements comply with current statutory requirements and the Trust’s governing documents, as well as Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS 102)).

Auto enrolment (workplace pension)

The Trust was required to put auto-enrolment provisions in place from 1 July 2014. The Trust operates a workplace pension with the People’s Pension. Each year, a governance meeting is held with the Trust’s pension advisor (Novus Wealth) to ensure that the scheme is being administered correctly, no issues have been identified.

Approved on behalf of the Board:

Fiona Cruickshank OBE, Chair of the Trust Date: 01/08/25

Page 18

INTERNATIONAL CENTRE FOR LIFE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INTERNATIONAL CENTRE FOR LIFE TRUST FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of International Centre for Life Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise consolidated statement of financial activities (including consolidated income and expenditure account), consolidated balance sheet, charitable company balance sheet, consolidated statement of cash flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 19

INTERNATIONAL CENTRE FOR LIFE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INTERNATIONAL CENTRE FOR LIFE TRUST FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 20

INTERNATIONAL CENTRE FOR LIFE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INTERNATIONAL CENTRE FOR LIFE TRUST FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, and the parent charitable company’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and reviewing legal expenses and board minutes.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to Health and Safety Legislation. We performed audit procedures to inquire of management whether the group is in compliance with these law and regulations and reviewing any corresponding legal costs.

Page 21

INTERNATIONAL CENTRE FOR LIFE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INTERNATIONAL CENTRE FOR LIFE TRUST FOR THE YEAR ENDED 31 MARCH 2025 (continued)

The group audit engagement team identified the risk of management override of controls and completeness and valuation of grant income and associated accrued and deferred income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed in relation to management override of controls included but were not limited to testing journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. Audit procedures performed in relation to completeness and valuation of grant income and associated accrued and deferred income included but were not limited to verifying grant income to supporting documentation, reviewing the income recognition policy and confirming income is recognised in accordance with the SORP criteria and any corresponding accrued of deferred amounts and been correctly recorded. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Mallinson

SARAH MALLINSON FCA (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor 1 St James Gate Newcastle upon Tyne NE1 4AD

Date: 01/08/25

Page 22

INTERNATIONAL CENTRE FOR LIFE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Restricted
Funds
2025
Unrestricted
Funds
Note
£
£
INCOME
Income from charitable activities:
Education and Science Centre
2
91,156
1,089,255
Income from other trading activities:
Meetings and Events
-
39,129
Car park income
-
1,233,879
Cafes
-
298,745
Gift shop
-
91,120
Ice Rink
-
376,756
91,156
3,128,884

Investment income
Rent receivable
-
2,715,037
Bank interest and investment income
receivable
-
196,404
-
2,911,441
Other income:
Service charge receivable
Grant income
-
11,774
1,081,418
-
11,774
1,081,418
TOTAL INCOME
102,930
7,121,743
EXPENDITURE
Costs of raising funds:
Meetings and Events
47,617
188,583
Car park
-
843,538
Cafes
15,299
427,154
Catering management overheads
6,502
27,132
Retail operating expenses
69,103
103,273
Property and service charge expenses
617,577
1,524,243
Ice Rink
-
324,314
4
756,098
3,438,237		 Total
Funds
£
1,180,411
39,129
1,233,879
298,745
91,120
376,756
3,220,040
2,715,037
196,404
2,911,441
1,081,418
11,774
1,093,192
7,224,673
236,200
843,538
442,453
33,634
172,376
2,141,820
324,314
4,194,335		 2024
Total
Funds
£
1,230,407
157,125
1,157,540
274,357
128,296
384,616
3,332,341
2,604,945
141,375
2,746,320
1,019,969
19,392
1,039,361
7,118,022
185,211
826,610
371,557
55,739
188,449
2,056,243
311,818
3,995,627

Page 23

INTERNATIONAL CENTRE FOR LIFE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Note
Expenditure on charitable activities:
Education and Science Centre
4
TOTAL EXPENDITURE
4
NET (EXPENDITURE)/INCOME FOR THE
YEAR
Actuarial re-measurement
Net realised investment gain/(loss)
Net unrealised investment gain/(loss)
NET MOVEMENT IN FUNDS FOR THE
YEAR
25
12
12
5a,19
Reconciliation of funds
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Restricted
Funds
2025
Unrestricted
Funds
£
£
1,109,178
3,562,587
1,865,276
7,000,824
(1,762,346)
120,919
(1,762,346)
-
39,750
7,185
167,854
24,780,045
11,695,740
23,017,699
11,863,594		 Total
Funds
£
4,671,765

8,866,100

(1,641,427)
-
39,750
7,185
(1,594,492)
36,475,785

34,881,293		 2024
Total
Funds
£
4,252,168
8,247,795
(1,129,774)
-
6,445
183,650
(939,679)
37,415,464
36,475,785

The consolidated statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 24

INTERNATIONAL CENTRE FOR LIFE TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

COMPANY REGISTRATION NUMBER 03225820

Note
FIXED ASSETS
Tangible assets
Investments
11
12
TOTAL FIXED ASSETS
CURRENT ASSETS
Stock
Debtors
13
Cash at bank and in hand
TOTAL CURRENT ASSETS
CURRENT LIABILITIES
Creditors falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:Amounts falling due after
more than one year
15
NET ASSETS
THE FUNDS OF THE CHARITY
Restricted income funds
19
Unrestricted income funds
19
TOTAL CHARITY FUNDS		 2025
£
£
30,825,570
3,339,498

34,165,068
25,895
958,573
3,592,453
4,576,921
3,853,463

723,458

34,888,526
(7,233)

34,881,293

23,017,699
11,863,594

34,881,293
 2024
£
£
30,872,353
3,226,403
34,098,756
39,381
825,627
4,558,701
5,423,709
3,032,213
2,391,496
36,490,252
(14,467)
36,475,785
24,780,045
11,695,740
36,475,785		 2024
£
£
30,872,353
3,226,403
34,098,756
39,381
825,627
4,558,701
5,423,709
3,032,213
2,391,496
36,490,252
(14,467)
36,475,785
24,780,045
11,695,740
36,475,785
36,490,252
(14,467)
36,475,785
24,780,045
11,695,740
36,475,785

The consolidated financial statements on pages 23 to 55 were approved by the board of directors and authorised for issue on . 01/08/25

Fiona Cruickshank OBE Chair of the Trust

The notes on pages 28 to 55 form part of these financial statements

Page 25

INTERNATIONAL CENTRE FOR LIFE TRUST

CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2025

COMPANY REGISTRATION NUMBER 03225820

Note
FIXED ASSETS
Tangible assets
11
Investments
12
TOTAL FIXED ASSETS
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
TOTAL CURRENT ASSETS
CURRENT LIABILITIES
Creditors falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors falling due after one year
15
NET ASSETS
THE FUNDS OF THE CHARITY
Restricted funds
19
Unrestricted funds
19
TOTAL CHARITY FUNDS		 2025
2024
£
£
£
£
3,977,556
3,320,639
3,339,501
3,226,406

7,317,057
6,547,045
998,653
733,299
1,467,282
2,750,987
2,465,935
3,484,286
819,524
421,229
1,646,411
3,063,057

8,963,468
9,610,102
-
-

8,963,468
9,610,102

1,238,246
1,651,094
7,725,222
7,959,008

8,963,468
9,610,102

A separate Statement of Financial Activities, or income and expenditure account, for the Charity itself is not presented because the Charity has taken advantage of the exceptions afforded by Section 408 of the Companies Act 2006. The charitable company has generated a deficit for the year of £646,634 (unrestricted movement in funds (£233,786), restricted movement in funds (£412,848) (2024 net movement in funds of £1,251,877 (unrestricted movement in funds of £1,537,369, restricted movement in funds of (£285,492)) which is dealt with in the accounts of the parent company.

The financial statements on pages 23 to 55 were approved by the board of directors and authorised for issue on . 01/08/25

Fiona Cruickshank Chair of the Trust

The notes on pages 28 to 55 form part of these financial statements

Page 26

INTERNATIONAL CENTRE FOR LIFE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
CASH GENERATED FROM
OPERATING ACTIVITIES
20
CASH FLOWS FROM
INVESTING ACTIVITIES
Interest income
21
Purchase of tangible fixed assets
21
Net Purchase of investments
21
CASH USED IN INVESTING
ACTIVITIES
CASH FLOWS USED IN FINANCING
ACTIVITIES
Repayment of borrowings
NET DECREASE IN
CASH & CASH EQUIVALENTS
RECONCILIATION OF NET CASHFLOW TO
MOVEMENT IN NET FUNDS
Decrease in cash & cash
equivalents in the year
22
Movement in funds in the year
Cash & cash equivalents at the
beginning of the year
TOTAL CASH & CASH EQUIVALENTS
AT THE END OF THE YEAR		 Group
2025
2024
£
£
1,108,837
836,767
196,404
141,375
(2,198,095)
(751,588)
(66,160)
(802,485)
(2,067,851)
(1,412,698)
(7,234)
(7,238)
(966,248)
(583,169)

(966,248)
(583,169)
(966,248)
(583,169)
4,558,701
5,141,870
3,592,453
4,558,701

The notes on pages 28 to 55 form part of these financial statements

Page 27

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Statement of Accounting Policies

General information

International Centre for Life Trust is a private charitable company limited by guarantee, domiciled and incorporated in England. The address of the company’s Registered Office and principal place of business is shown on page 1.

Basis of preparation

The financial statements have been prepared under the historical cost convention, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS 102)), applicable accounting standards and the Companies Act 2006. Monetary amounts in these financial statements are rounded to the nearest whole £, except where otherwise indicated.

The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

Section 33 'Related Party Disclosures' - Compensation for key management personnel. Section 7 “Statement of Cash Flows” – Presentation of a statement of cash flow and related notes and disclosures.

Basis of consolidation

The consolidated accounts incorporate, on a line-by-line basis, the financial statements of the International Centre for Life Trust and all of its subsidiary undertakings made up to 31 March 2025. A separate Statement of Financial Activities, or income and expenditure account, for the Charity itself is not presented because the Charity has taken advantage of the exceptions afforded by Section 408 of the Companies Act 2006.

Going concern

The Group derives its income from a wide range of sources and due to security of most of the property leases, this minimises risk and exposure during challenging times. The directors have prepared Income and Expenditure and Balance Sheet forecasts to March 2027 which includes the impact of the ongoing cost of living crisis and the measures the group have put in place to ease the situation. The forecasts prepared, together with the investment portfolio held as liquid funds, indicate that adequate cash and free reserves will be available throughout the period under review. Therefore, the directors believe that the group continues to be well placed to manage its business risks successfully and thus they have adopted the going concern basis of accounting in preparing the financial statements.

Incoming resources

Incoming resources are the income derived from ordinary activities and are stated, where applicable, after VAT. The resources derive from entrance fees from the Science Centre and from educational visits, as well as from rents and service charges, room hire, events in Times Square, car parking, cafes, the gift shop and the ice rink.

Income is recognised when the risks and rewards of owning the goods has passed to the customers or on provision of services. Other income includes grants receivable, bank interest receivable and profits from the sale of fixed assets and investments.

Page 28

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. Statement of Accounting Policies ( continued)

Grants receivable

Grants receivable are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Funds

a) Restricted Funds:

These are funds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

This policy follows the recommendations of the Charities SORP (FRS 102).

b) Unrestricted Funds:

All income from activities in furtherance of the Charity’s objects and from activities for generating funds are treated as unrestricted funds available for charitable application. All other income is unrestricted.

These are funds that comprise unrestricted funds that have been set aside at the discretion of the Trustees for specific purposes. The purpose and use of these designated funds is set out in the notes to the financial statements.

Resources expended

The cost of raising funds includes all costs associated with the provision of car parking, cafes, retail and ice rink operations. Where these include indirect costs, they are allocated on the basis of square footage of each activity unit for property and maintenance costs, or on the basis of staff time spent on those activities as appropriate.

Expenditure on charitable activities includes: all costs relating to the science centre and educational visits; governance costs incurred in the governance of the charity and its assets - these are primarily associated with constitutional and statutory requirements; support costs which include central functions that have been allocated to activity cost categories on a basis of staff time spent on those activities.

Taxation

Corporation tax is payable on profits chargeable to corporation tax of International Centre for Life (Property) Limited. The tax charge is included in the Statement of Financial Activities under the heading of Costs of Raising Funds.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet dates with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods of which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Page 29

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. Statement of Accounting Policies ( continued)

Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Depreciation of tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its useful life.

Mechanical 5%
 straight line
Building used for charitable purposes 2%
 straight line
Internal fit out of buildings 4%
 straight line
Fit out of exhibition 10%
 straight line
Motor vehicles 20%
 straight line
Fixtures, fittings and equipment 20%
 straight line
Computer equipment 33.3%
 straight line
Exhibits in science centre 33.3%
 straight line
Roofing 6.66%
 straight line
Car Park fit out 4% - 20% straight line
Website 20%
 straight line
Land is not depreciated

Assets in the course of construction are carried at cost, less any identified impairment loss. Cost includes professional fees and other directly attributable costs that are necessary to bring the asset to its operating condition.

No depreciation is charged on assets in the course of construction. Depreciation commences when the asset is ready for use.

Items of equipment are capitalised where the purchase price exceeds £1,000.

Stocks

Stocks relate to food, beverages and shop goods and are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less further costs of disposal.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 30

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. Statement of Accounting Policies ( continued)

Leases

The company as lessee – finance leases

An asset and corresponding liability are recognised for leasing agreements that transfer to the Company substantially all the risks and rewards incidental to ownership (“finance leases”). The amount capitalised is the fair value of the leased asset of, if lower, the present value of the minimum lease payments payable during the lease term, both determined at the inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is expensed so as to produce a constant periodic rate of interest on the remaining balance of the liability.

The company as lessee – operating leases

All other leases are operating leases and the annual rentals are expensed on a straight-line basis over the lease term.

The company as lessor – operating leases

Rental income from assets leased under operating leases is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term.

Financial assets: Trade and other debtors, amounts due from group undertakings and accrued income

Trade and other debtors, including amounts due from group undertakings and accrued income, which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment loss.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit and loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit and loss.

Financial liabilities and equity: Trade and Other Creditors, amounts owed to group undertakings and accruals

Trade and other creditors and accruals, which are payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade or other creditor, including amounts owed to group undertakings and accruals, constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Financial liabilities and equity: Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Page 31

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. Statement of Accounting Policies ( continued)

Investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in income and expenditure.

Fixed asset investments held in the form of shares or securities are included at mid-market value at the balance sheet date.

Realised gains and losses on investments are calculated as difference between sales proceeds and their historical cost, and are charged or credited to the SOFA in the year of disposal.

Unrealised gains and losses represent the movement in the market values during the year and are credited to the statement or charged to the SOFA based on market value at the year end.

Pension costs

The group participates in the Tyne and Wear Pension Fund, a defined benefit scheme for management only. The scheme is closed to future employees.

The pension scheme is accounted for as a defined benefit scheme in the financial statements.

The assets of the plan are measured using fair value. Plan liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The increase in present value of the liabilities of the scheme expected to arise from employee service in the period is charged to the operating surplus.

At 31 March 2025, one active member of the scheme remains. Once the final active member leaves the scheme, an exit liability, described in note 23, would be triggered.

Actuarial valuations are reflected to the extent that a surplus is not recognised as under scheme rules there is no unconditional right to a refund. Further details are as set out in note 25.

The expected return on the scheme’s assets and the increase during the period in the present value of the scheme’s liabilities, arising from the passage of time, are included in pension finance costs. Actuarial gains and losses are recognised in the statement of total recognised gains and losses.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimated economic lives of assets upon which depreciation is calculated in accordance with the accounting policy for depreciation is assessed based on historical experience. See note 11 for the carrying amount of the tangible fixed assets, and note 1 for the useful economic lives for each class of asset.

The estimated present value of the Defined Benefit Pension scheme liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any change in these assumptions, which are disclosed in note 25, will impact the carrying amount of the pension liability.

Page 32

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

2. Income from charitable activities

Education and Science Centre Restricted
Grants
Unrestricted
Other Income
£
£
91,156
1,089,255
 Total
2025
£
1,180,411
 Total
2024
£
1,230,407

The income from charitable activities in 2024 comprised £200,925 restricted income and £1,029,482 unrestricted income.

3. Net income from trading activities of subsidiaries

The charity has two wholly owned subsidiaries. International Centre for Life (Property) Limited receives income from property, car parking and catering and earns interest on bank deposits. This company covenants its taxable profits to the International Centre for Life Trust. A summary of its trading results is shown below. Audited accounts are to be filed with the Registrar of Companies. International Centre for Life (Trading) Limited is dormant.

Profit and loss account
Administrative expenses
Turnover and other operating income
Interest payable
Interest receivable
Net profit
Taxation
Profit after taxation
Balance sheet
Tangible fixed assets
Current assets
Creditors due within 1 year
Creditors due after 1 year
Provisions
Net Assets
Aggregate capital and reserves		 International Centre for Life (Property)
Limited
2025
2024
£
£
(4,753,722)
(4,538,674)
7,197,358
7,107,024
(1,031)
(1,031)
9,504
14,951
2,452,109
2,582,270
(474)
147
2,451,635
2,582,417
International Centre for Life
(Property) Limited
2025
2024
£
£
26,848,015
27,551,717
2,776,084
2,284,708
(3,699,040)
(2,956,267)
(7,233)
(14,467)
(21,793,039)
(23,142,539)
4,124,787
3,723,152
4,124,787
3,723,152		 International Centre for Life (Property)
Limited
2025
2024
£
£
(4,753,722)
(4,538,674)
7,197,358
7,107,024
(1,031)
(1,031)
9,504
14,951
2,452,109
2,582,270
(474)
147
2,451,635
2,582,417
International Centre for Life
(Property) Limited
2025
2024
£
£
26,848,015
27,551,717
2,776,084
2,284,708
(3,699,040)
(2,956,267)
(7,233)
(14,467)
(21,793,039)
(23,142,539)
4,124,787
3,723,152
4,124,787
3,723,152
3,723,152
3,723,152

Page 33

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

4. Expenditure

Cost of raising funds
Meetings and Events
Car park
Cafes
Catering management
overheads
Retail
operating
expenses
Service
charge
expenses
Ice Rink
Charitable activities
Education
and
Science Centre
Total		 Direct
staff
£
29,029
149,062
112,347
6,738
32,625
436,923
31,683

798,407
1,544,190

2,342,597
 Depreciation
£
51,153
69,847
50,489
9,590
69,103
753,155
-

1,003,337
1,241,541
2,244,878		 Direct
costs
£
144,799
293,791
199,396
17,005
45,971
863,714
191,843
1,756,519
727,255
2,483,774		 Support
costs
£
11,219
330,838
80,221
301
24,677
88,028
100,788

636,072
1,158,779

1,794,851		 2025
Total
£
236,200
843,538
442,453
33,634
172,376
2,141,820
324,314

4,194,335
4,671,765

8,866,100
 2024
Total
£
185,211
826,610
371,557
55,739
188,449
2,056,243
311,818
3,995,627
4,252,168
8,247,795

Included within support costs are support staff costs of £1,082,542 (2024: £1,076,349) and governance costs of £48,656 (2024: £34,449).

Of the total expenditure, £1,865,276 (2024: £1,847,203) is restricted expenditure, £7,000,824 (2024: £6,400,592) is unrestricted expenditure.

Page 34

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

5a. Movement in funds for the year

2025 2024
£ £
After charging/(crediting):
Depreciation of fixed assets 2,244,878 2,199,781
Loss/(profit) on disposal of fixed assets (713) 35,701
Loss/(profit) on disposal of investments (39,750) (6,445)
Unrealised (profit)/loss on investments (7,185) (183,650)
Auditors remuneration (for statutory audit services) - RSM UK Audit LLP 38,000 30,000
Auditors remuneration (for service charge audit services) - RSM UK Tax
& Accounting Limited 3,500 3,200
Auditors remuneration (for tax services) - RSM UK Tax & Accounting
Limited 5,600 2,400
Operating lease rentals – equipment 45,466 36,633
After crediting:
Rents receivable under operating leases 2,715,037 2,604,945
Newcastle City Council/BEST Grant 11,774 19,392

5b. Profit and loss account for International Centre for Life Trust (charitable company only)

Operating expenses
Income from admissions, grants etc
Interest receivable
Gift Aid received from subsidiary
Realised gains/(losses) from investments
Unrealised gains/(losses) from investments		 2025
£
(4,703,656)
1,773,333
186,754
2,050,000
39,750
7,185
(646,634)		 2024
£
(4,286,583)
1,808,755
126,424
3,413,186
6,445
183,650
1,251,877

The results reported by the Trust entity will be influenced by the timing of payment of the gift aid from the Property Company. This means that the result will be variable based on when the cash is transferred.

Page 35

INTERNATIONAL CENTRE FOR LIFE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

6. Trustees remuneration and expenses

One trustee (in the capacity as Chief Executive Officer of the International Centre for Life Trust) received emoluments (including pension contributions and benefits) of £205,816 (2024: £188,405) split as follows:

Wages and salaries
Social security costs
Pension costs
Benefits		 2025
£
179,339
23,493
-
2,984
205,816		 2024
£
164,695
21,473
-
2,237
188,405

The Chairman and all other Trustees receive no remuneration and do not have any pension arrangements through the Trust.

Expenses of £nil (2024: £nil) were reimbursed to trustees during the year.

The number of Directors accruing benefits under defined benefit schemes is 0 (2024: 0).

7. Staff costs

Staff costs:
Wages and salaries
Social security costs
Other pension costs
The average number of employees during the year was as follows:
Science communications
Trading and operations
Property
Administration and support		 2025
£
3,042,674
284,607
97,858
3,425,139
2025
No
29
41
22
20
112		 2024
£
2,757,787
260,295
93,648
3,111,730
2024
No
24
35
24
21
104

Page 36

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

7. Staff costs (continued)

Employees’ emoluments

The number of employees who received emoluments in the following ranges was:

2025 2024
£70,000 - £80,000 1 1
£80,000 - £90,000 1 1
£90,000 - £100,000 - 1
£100,000 - £110,000 1 -
£160,000 - £170,000 - 1
£180,000 - £190,000 1 -

Pension contributions paid in the year in respect of the above staff were £48,302 (2024: £46,832).

The Trust entity had 49 (2024: 43) full-time and 21 (2024: 20) part-time employees at the end of the financial year. The appointments are a variety of contract types including permanent, fixed term, and hourly contracts. The majority of employees are on a permanent contract. All service contracts include provisions for periods of notice or termination of no more than 3 months, with the exception of the members of the leadership team whose notice periods are 6 months. The Trust has secured admission to the Tyne and Wear Superannuation Fund for the benefit of a restricted number of employees.

As described more fully in note 25, the Trust accounts for its membership of this scheme as a defined benefit scheme. At the year end, the Trust’s share of assets was in excess of its share of liabilities, however, in accordance with FRS102, this surplus has not been recognised in these accounts.

During the year the directors of the subsidiary company, International Centre for Life (Property) Limited, received total remuneration of £268,725 (2024: £254,306) from International Centre for Life Trust, the parent company, but it is not practicable to allocate this between their services for both companies, and £11,665 (2024: £15,000) from International Centre for Life (Property) Limited. In addition there were pension contributions of £11,040 (2024: £10,680) from International Centre for Life Trust, and £nil (2024: £nil) from International Centre for Life (Property) Limited.

The key management personnel of the parent charity, the Trust, comprise the trustees, and the leadership team as detailed on page 2. The total cost of the key management personnel of the Trust was £558,301 (2024: £526,307).

8. Auditor’s remuneration

Auditor’s remuneration for the statutory audit of the group for the year ended 31 March 2025 was £38,000 (2024: £30,000).

Page 37

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

9. Pension scheme

The staging date for Auto Enrolment for the International Centre for Life Trust and International Centre for Life (Property) Ltd was 1 July 2014. A qualifying scheme has been set up with The People’s Pension and registered with The Pension Regulator.

The group operates a defined contributions scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The contributions payable by the group charged to income and expenditure amounted to £97,858 (2024: £93,648), and all related to unrestricted funds. Amounts outstanding of £13,723 (2024 £14,983) are included in other creditors.

10. Taxation Group Company Company Company
2025 2024 2025 2024
£ £ £ £
Corporation tax charge – current year - - - -
Deferred Tax charge 474 (147) - -
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The
differences are explained below:
Group Company
2025 2024 2025 2024
£ £ £ £
Profit on ordinary activities of trading subsidiary
before tax 2,452,109 2,582,270 - -
Profit on ordinary activities at the standard rate of
corporation tax in the UK of 25% (2024: 25%)
613,028 645,568 - -
Effects of:
Expenses not deductible for tax purposes 378,986 372,690 - -
Non-taxable income (340,319) (340,196) - -
Adjustment to previous years (542,262) (647,506) - -
Remeasurement of deferred tax - - -
Other short term timing differences (108,959) (30,703) - -
Current tax charge for the period 474 (147) - -

Page 38

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

11. Tangible fixed assets

Group
Cost
At 1 April 2024
Additions
Transfers
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value:
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
42,031,618
5,454
43,618
-
42,080,690
16,942,068
758,448
-
17,700,516
24,380,174
25,089,550		 Plant and
equipment
£
8,890,729
465,169
241,169
(35,100)
9,561,967
5,278,694
720,610
(35,100)
5,964,204
3,597,763
3,612,035		 Fixtures
and fittings
£
19,000,779
425,002
-
(4,247)
19,421,534
17,177,642
755,665
(4,247)
17,929,060
1,492,474
1,823,137		 Motor
vehicles
£
51,430
-
-
-
51,430
21,556
10,155
-
31,711
19,719
29,874		 Assets in the
course of
construction
£
317,757
1,302,470
(284,787)
-
1,335,440
-
-
-
-
1,335,440
317,757		 Total
£
70,292,313
2,198,095
-
(39,347)
**72,451,061 **
39,419,960
2,244,878
(39,347)
**41,625,491 **
30,825,570
30,872,353

Land and buildings are freehold, and include assets costing £36,274,094 from which operating rentals are received. Grants of £59,358 912 (see note 19) were secured to finance the fixed assets of the Group.

Assets costing £40,620 (2024 £40,620) were funded by finance lease. Depreciation of £10,155 (2024 £10,155) was charged on these assets in the year and the net book value at the year end was £19,718 (2024 £29,873).

Assets to the value of £284,787, which had been under construction in the previous year, were completed and brought into use, and have been transferred to the relevant asset category and depreciation commenced during the year to 31 March 2025.

Page 39

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

11. Tangible fixed assets

Charitable Company
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net book value:
At 31 March 2025
At 31 March 2024		 Plant and
equipment
£
7,485,650
164,015
-
7,649,665
4,224,303
653,400
-
4,877,703
2,771,962
3,261,347		 Fixtures
and
fittings
£
242,469
-
(4,247)
238,222
188,278
14,956
(4,247)
198,987
39,235
54,191		 Motor
vehicles
£
10,810
-
-
10,810
10,809
-
-
10,809
1
1		 Assets in the
course of
construction
£
5,100
1,161,258
-
1,166,358
-
-
-
-
1,166,358
5,100		 Total
£
7,744,029
1,325,273
(4,247)
9,065,055
4,423,390
668,356
(4,247)
5,087,499
3,977,556
3,320,639

Page 40

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

12. Investments

vestments
At Market value:
UK listed equity investments
UK fixed and variable interest stocks
UK Investment properties
Investments in UK unlisted subsidiary
undertakings
Cash
Total UK investments
Overseas listed equity investments
Overseas fixed and variable interest stocks
Commodities
Total		 Group
2025
2024
£
£
479,916
373,203
339,052
431,517
155,838
162,249
-
-
172,617
241,232
1,147,423
1,208,201
1,368,226
1,165,860
774,656
824,436
49,193
27,906
3,339,498
3,226,403		 Company
2025
2024
£
£
479,916
373,203
339,052
431,517
155,838
162,249
3
3
172,617
241,232
1,147,426
1,208,204
1,368,226
1,165,860
774,656
824,436
49,193
27,906
3,339,501
3,226,406
3,226,406

The following were the subsidiaries at the balance sheet date and have been included in the consolidated financial statements.

Subsidiary undertakings in the UK:

Description and Description and
Proportion of share Nature of
Capital business
International Centre for Life (Property) Limited Ordinary 100% Property
(Registered no: 03261320) company
International Centre for Life (Trading) Limited Ordinary 100% Dormant
(Registered no: 03249323)
Share capital in the subsidiaries was as follows:
International Centre for International Centre
Life (Property) Ltd for Life (Trading) Ltd
Authorised 2025 2024 2025
2024
Equity interests-ordinary shares of £1 1,000 1,000 100
100
Allotted, called up and fully paid
Equity interests-ordinary shares of £1 2 2 1
1

Page 41

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

12. Investments (Continued)

Movements
At 1 April 2024
Additions
Disposal proceeds
Cash movements
Transferred into/(out of) portfolio
Net realised gains/(losses)
Net unrealised investment
gains/(losses)
Total		 Group
2025
2024
£
£
3,226,403
2,233,823
686,057
1,080,523
(599,255)
(136,412)
(20,642)
(891,626)
-
750,000
39,750
6,445
7,185
183,650
3,339,498
3,226,403		 Company
2025
2024
£
£
3,226,406
2,233,826
686,057
1,080,523
(599,255)
(136,412)
(20,642)
(891,626)
-
750,000
39,750
6,445
7,185
183,650
3,339,501
3,226,406		 Company
2025
2024
£
£
3,226,406
2,233,826
686,057
1,080,523
(599,255)
(136,412)
(20,642)
(891,626)
-
750,000
39,750
6,445
7,185
183,650
3,339,501
3,226,406
3,226,406

No investment represented 6% or more of the portfolio by market value in the Group and Charitable company.

The historical cost of Group and Charitable Company investments at 31 March 2025 was £3,158,818 (2024: £2,997,898) and £3,158,821 (2024: £2,997,901) respectively.

13. Debtors

Debtors due within one year:
Amounts due from group undertakings
Trade debtors
Other debtors
Other taxes and social security
Prepayments and accrued income
Deferred tax (note 16)
Total		 Group
2025
2024
£
£
-
-
265,935
104,207
7,949
45,444
5,392
28,327
639,245
687,227
-
474
958,573
825,627		 Company
2025
2024
£
£
665,099
345,284
68,659
26,229
7,949
45,444
5,393
28,327
211,502
328,066
-
-
998,653
733,299		 Company
2025
2024
£
£
665,099
345,284
68,659
26,229
7,949
45,444
5,393
28,327
211,502
328,066
-
-
998,653
733,299
733,299

Amounts due from group undertakings are interest free and repayable on demand.

Page 42

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

14.
Creditors: Amounts falling due within one
year:
Finance Lease liabilities
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Other creditors		 Group
Company
2025
2024
2025
2024
£
£
£
£
7,233
7,233
-
-
686,092
567,231
338,596
194,625
246,622
179,732
55,678
45,489
1,572,911
1,093,048
410,232
167,520
1,340,605
1,184,969
15,018
13,595
3,853,463
3,032,213
819,524
421,229

Other creditors include £987,721 (2024: £1,103,347) deferred receipts held as a sinking fund provision for expenditure to the Property estate, and £329,594 (2024: £55,603) recognising tenants’ shares of specific fixed assets included in the Property Estate.

Deferred Income
Group
2025
£
As at 1 April 2024
827,735
Released
(827,735)
Deferred
978,640
As at 31 March 2025
978,640
 Company
2024
2025
2024
£
£
£
913,210
31,372
24,012
(913,210)
(31,372)
(24,012)
827,735
41,468
31,372
827,735
41,468
31,372

Deferred income represents income received for future rent, events or centre visits.

15a. Creditors: Amounts falling due after one year

Finance Lease liabilities
15b.
Borrowings
Borrowings are repayable by instalments as follows:
In one year or less on demand
In more than one year but not more than two years
In more than two years but not more than five years
In more than five years		 Group
2025
2024
£
£
7,233
14,467
7,233
14,467		 Group
2025
2024
£
£
7,233
14,467
7,233
14,467		 Company
2025
2024
£
£
-
-
-
-
2025
2024
£
£
7,233
7,233
7,233
7,233
7,234
-
-
14,466
21,700		 Company
2025
2024
£
£
-
-
-
-
2025
2024
£
£
7,233
7,233
7,233
7,233
7,234
-
-
14,466
21,700		 Company
2025
2024
£
£
-
-
-
-
2025
2024
£
£
7,233
7,233
7,233
7,233
7,234
-
-
14,466
21,700
14,467 -
2024
£
7,233
7,233
7,234
-
21,700

The finance agreement is used to fund the purchase of an electric vehicle and is secured against the asset to which it relates.

Page 43

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

16. Provisions

Deferred tax

Provisions
Deferred tax
As at 1 April 2024
Charged in the year
As at 31 March 2025		 Group
2025
£
(474)
474
-		 Group
2024
£
(327)
(147)
(474)		 Company
2025
£
-
-
-		 Company
2024
£
-
-
-

17. Commitments under operating leases The group as lessee:

At 31 March 2025, the group had total future minimum lease payments under non-cancellable operating leases for plant and equipment as set out below:

Operating leases which expire:
Less than one year
Within 2 to 5 years
After 5 years		 2025
£
49,292
44,009
-
**93,301 **		 2024
£
31,605
23,824
-
55,429

The group as lessor:

At the year end, the Company had contracted with tenants, under non-cancellable operating leases, for the following minimum lease payments:

Amounts receivable:
Less than one year
Between one and five years
After five years		 2025
£
2,493,388
8,964,617
7,515,780
18,973,785		 2024
£
2,497,138
9,411,117
9,571,181
21,479,436

The operating leases represent leases of 8 properties to third parties. The leases are negotiated over various terms with provision for rent review every 5 years on 5 properties, and rent increase in line with RPI (subject to a maximum of 4% each review period) on 2 properties.

Page 44

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

18.
Analysis of total funds - group
Analysis by type of asset and liability
Tangible fixed assets
Investments
Net current assets
Creditors after one year
TOTAL
2024 total
Analysis of total funds - Trust
Analysis by type of asset and liability
Tangible fixed assets
Investments
Net current assets
Creditors after one year
TOTAL
2024 total		 Unrestricted
£
7,867,869
3,339,498
663,460
(7,233)
11,863,594
11,695,740
Unrestricted
£
2,799,308
3,339,501
1,586,413
-
7,725,222
7,959,008		 Restricted
£
22,957,701
-
59,998
-
23,017,699
24,780,045
Restricted
£
1,178,248
-
59,998
-
1,238,246
1,651,094		 2025
£
30,825,570
3,339,498
723,458
(7,233)
34,881,293
36,475,785
2025
£
3,977,556
3,339,501
1,646,411
-
8,963,468
9,610,102		 2024
£
30,872,353
3,226,403
2,391,496
(14,467)
36,475,785
2024
£
3,320,639
3,226,406
3,063,057
-
9,610,102

Page 45

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

19. Reconciliation of movement in funds

econciliation of movement in funds
Group
Surplus for the financial year
Realised gains on investments
Unrealised gains on investments
Transfer to earmarked funds
Expenditure from earmarked funds
Opening funds
TOTAL
Company
Deficit for the financial year
Gift aid received
Realised gains on investments
Unrealised gains on investments
Transfer to earmarked funds
Expenditure from earmarked funds
Opening funds
TOTAL		 General reserves
£
120,919
39,750
7,185
(215,000)
1,960,956
8,837,110
10,750,920
General reserves
£
(2,330,721)
2,050,000
39,750
7,185
(215,000)
1,960,956
5,100,378
6,612,548		 Capital renewal
reserve
(designated)
£
-
-
-
215,000
(1,960,956)
2,858,630
1,112,674
Capital renewal
reserve (ear-
marked)
£
-
-
-
-
215,000
(1,960,956)
2,858,630
1,112,674		 Total 2025
£
120,919
39,750
7,185
-
-
11,695,740
11,863,594
Total 2025

£
(2,330,721)
2,050,000
39,750
7,185
-
-
7,959,008
7,725,222		 Total 2024
£
516,504
6,445
183,650
-
-
10,989,141
11,695,740
Total 2024
£
(2,065,912)
3,413,186
6,445
183,650
-
-
6,421,639
7,959,008

Page 46

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

19.
Reconciliation of movement in funds (Continued)
Restricted funds – group – current
year
Balance at
1 April
2024
£
Construction of International Centre
for Life (see breakdown below)
23,139,885
Education programme
291,800
Experiment Zone
45,674
Brain Zone
130,000
Creative Explorations
1,172,686

24,780,045
Restricted funds – group – prior year
Balance at
1 April
2023
£
Construction of International Centre for
Life
24,500,668
Education programme
171,294
Experiment Zone
Brain Zone
83,428
195,000
Creative Explorations
1,475,933
26,426,323		 Incoming
resources
£
11,774
-
-
-
91,156

102,930
Incoming
resources
£
-
200,925
-
-
-
200,925		 Outgoing
Resources
£
(1,361,273)
-
(37,753)
(65,000)
(401,250)

(1,865,276)

Outgoing
Resources
£
(1,360,783)
(80,419)
(37,754)
(65,000)
(303,247)

(1,847,203)		 Balance at
31 March
2025
£
21,790,386
291,800
7,921
65,000
862,592

23,017,699
Balance at
31 March
2024
£
23,139,885
291,800
45,674
130,000
1,172,686
24,780,045

Page 47

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

19. Reconciliation of movement in funds (continued)

Restricted funds – Trust – current
year
Construction of International Centre for
Life
Experiment Zone
Brain Zone
Curiosity Gallery programming
Maker Programming
Creative Explorations
Space Programming
Other Programming
Restricted funds – Trust – prior
year
Construction of International Centre
for Life
Experiment Zone
Brain Zone
Curiosity Gallery programming
Maker Programming
Creative Explorations
Space Programming
Other Programming		 Balance at
1 April
2024
£
2,106
45,674
130,000
110,907
35,528
1,172,689
97,858
56,332
1,651,094
Balance at
1 April
2023
£
2,106
83,428
195,000
110,907
35,528
1,475,933
-
33,684
1,936,586		 Incoming
resources
£
-
-
-
-
-
-
5,800
85,356
91,156
Incoming
resources
£
-
-
-
-
-
-
102,077
98,848
200,925		 Outgoing
Resources
£
-
(37,753)
(65,000)
-
(1,589)
(264,580)
(55,730)
(79,352)

(504,004)

Outgoing
Resources
£
-
(37,754)
(65,000)
-
-
(303,244)
(4,219)
(76,200)

(486,417)		 Balance at
31 March
2025
£
2,106
7,921
65,000
110,907
33,939
908,109
47,928
62,336

1,238,246
Balance at
31 March
2024
£
2,106
45,674
130,000
110,907
35,528
1,172,689
97,858
56,332
1,651,094

Construction of International Centre for Life

This fund represents the capital grants received for the construction of the International Centre for Life and subsequent refurbishments. The charge to the fund represents the depreciation on these assets over their useful life or the project spend which could not be capitalised.

Experiment Zone

This fund represents a permanent exhibition at the International Centre for Life funded by Biffa where the public can see what it is like to be a scientist. Charge to the fund represents the depreciation on the exhibition.

Brain Zone

This fund represents a permanent exhibition at the International Centre for Life funded by the Wellcome Trust exploring the workings of the human brain. Charge to the fund represents the depreciation on the exhibition.

Page 48

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

19. Reconciliation of movement in funds (continued)

Creative Explorations

This fund represents a permanent exhibition at the International Centre for Life jointly funded by the Wellcome Trust and the Department for Business, Energy and Industrial Strategy via the Inspiring Science Fund. The exhibition provides a permanent Maker Space for visitors together with a Space Exploration Zone. The funding also assists with targeted engagements with underserved audiences and supports an ongoing programme of change and development within the Centre addressing organisational culture, staffing and internal systems. The full grant entitlement was recognised in the 2018 financial statements as all conditions relating to the grant award had been satisfied. The expenditure funded under this grant is now complete, and movement is now limited to the release of the element of the capital grant to match depreciation of the capital assets created.

Curiosity Gallery programming

This fund represents regularly updated activities to run alongside the permanent Curiosity Gallery.

Maker programming

This fund represents funds received and expended in connection with the ongoing Maker activities.

Space programming

Life has established itself as an expert deliverer of Space-themed programming, due to the extensive knowledge and assets created around the subject. Grants covering Space-themed programming are shown separately as they now constitute a major part of grant receipts in the year.

Other programming

These funds represent a number of separately funded educational programmes covering the subjects of mathematics and space science.

Capital Renewal Designated Fund

In conjunction with the subsidiary Property Company, a detailed capital renewal plan is in place for future renewal of assets in the International Centre for Life over the next 20 years. This plan is reviewed on a regular basis. Due to the increased costs associated with maintaining ageing property, and the current lack of external funding available, these funds are essential to ensure the ability of International Centre for Life to continue delivering its mission. There remains an ongoing commitment to transfer a further £215,000 per annum in order to meet planned spend. The International Centre for Life and all of its tenants across the site contribute to sinking funds in accordance with provisions detailed in the capital renewal plan, with Life’s share of sinking fund represented by this reserve. During the year to 31 March 2025, £1,960,956 was spent from this fund, as shown above.

Page 49

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

19.
Reconciliation of movement in funds(continued)
Construction of International Centre for Life
International Centre for Life (Property) Limited
TWDC
MC
ERDF
Wellcome
EP/One North East
Garfield Weston
Garfield Weston
One Inc Units
MC Canopy
Scotswood LED lighting
International Centre for Life Trust
MC Rediscover 2
Wellcome Trust Rediscover 2
TOTAL		 Original
Grant at
1 April
2024
£
11,000,000
31,422,188
10,500,000
3,299,671
2,000,000
130,697
269,303
638,163
98,890
-
59,358,912
756,528
372,538
1,129,066
69,487,978		 Grant
release to 1
April 2024
£
6,683,077
19,113,709
6,402,862
1,989,571
1,203,022
82,923
232,378
424,443
89,362
-
36,221,347
756,314
370,432
1,126,746
37,348,093		 Balance at
1 April
2024
£
4,316,923
12,308,479
4,097,138
1,310,100
796,978
47,774
36,925
213,720
9,528
-
23,137,565
214
2,106
2,320
23,139,885		 Grants
received
in the
year
£
-
-
-
-
-
-
-
-
-
11,774
11,774
-
-
-
11,774		 Grants
released
in the
year
£
253,000
706,999
241,500
74,903
45,000
2,941
10,914
25,526
-
490
1,361,273
-
-
-
1,361,273		 Balance at
31 March
2025
£
4,063,923
11,601,480
3,855,638
1,235,197
751,978
44,833
26,011
188,194
9,528
11,284
21,788,066
214
2,106
2,320
21,790,386

Page 50

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

20. Reconciliation of net movements in funds to net cash flow from operating activities

Net movement in funds
Depreciation
Loss on disposal of fixed assets
Gain on valuation of investments
Taxation
Interest receivable
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors and provisions
21.
Analysis of cash flows for headings netted in the cash flow
statement
Returns on investment and servicing of finance
Interest received
Net cash inflow from returns on investments and servicing of
finance
Capital expenditure and financial investment
Purchase of tangible fixed assets
Net cash outflow from capital expenditure
Purchase of investments
Sale of investments
Net cash outflow from investment expenditure		 Group
2025
£
(1,594,492)
2,244,878
-
(46,935)
474
(196,404)
13,486
(133,420)
821,250
1,108,837
Group
2025
£
196,404
196,404
(2,198,095)
(2,198,095)
(665,415)
599,255
(66,160)		 2024
£
(939,679)
2,199,781
35,701
(190,095)
(147)
(141,375)
16,353
(60,938)
(82,834)
836,767
2024
£
141,375
141,375
(751,588)
(751,588)
(938,897)
136,412
(802,485)

Page 51

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of changes in net funds

Group
Cash at bank and in hand
Obligations under finance leases		 2024
£
4,558,701
(21,700)
**4,537,001 **		 Cash flow
£
(966,248)
7,234
(959,014)		 2025
£
3,592,453
(14,466)
**3,577,987 **

23. Contingent liabilities

Tyne and Wear Pension scheme

As at the balance sheet date, there was only one active member of the Tyne and Wear Pension scheme. If that member were to leave the scheme, for whatever reason, an exit liability would be triggered. A valuation of that liability was undertaken by Aon, the scheme actuaries, as at 31 December 2021, and at that time, amounted to £120k.

24. Capital commitments

Capital commitments are as follows:
Contracted for but not provided for:		 Group
2025
2024
£
£
435,325
248,862		 Company
2025
2024
£
£
138,128
8,024

25. Defined benefit pension scheme

The group participates in the Tyne and Wear Pension Fund, a defined benefit scheme. The scheme is closed to future employees.

The scheme is a multi-employer scheme and the scheme actuary advised that it would be possible to identify the group’s share of the underlying assets and liabilities. Accordingly, contributions to the scheme are now accounted for as a defined benefit scheme as detailed below.

The following information is based upon a full actuarial valuation of the fund at 31 March 2022 updated to 31 March 2025 by a qualified independent actuary:

2025 2024
% %
Rate of increase in salaries 4.0 4.1
Rate of increase for pensions in payment 2.5 2.6
Discount rate 5.8 4.8
Inflation assumption (CPI) 2.5 2.6

Page 52

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

25. Defined benefit pension scheme (continued)

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectation on retirement age 65 are:

2025 2024
Years Year
Retiring today
Males 20.9 21.0
Females 24.1 24.2
Retiring in 20 years
Males 21.8 22.3
Females 25.2 25.6
The Trust’s share of the assets in the scheme
Fair

Equities
Government Bonds
Corporate Bonds
Multi Asset credit
Cash
Property
Other assets
Total fair value of assets
Actual return on scheme assets
Amounts recognised in the Statement of Financial Activities
Current service cost
Net interest cost
Interest on unrecognised asset
Past service cost
Changes in the present value of defined benefit obligations
Obligations at 1 April 2024
Current Service cost
Interest cost
Actuarial (gain)/loss
Employee contributions
Benefits paid
Past service cost
At 31 March 2025		 2025
value
Fair
£’000
4,490
100
1,690
420
170
1,040
1,430
9,340
380
2025
£’000
20
(170)
170
-

20

2025
£’000
6,190
20
280
(740)
10
(740)
-

5,020		 2025
value
Fair
£’000
4,490
100
1,690
420
170
1,040
1,430
9,340
380
2025
£’000
20
(170)
170
-

20

2025
£’000
6,190
20
280
(740)
10
(740)
-

5,020		 2024
value
£’000
4,890
130
1,880
440
70
1,000
1,250
9,660
550
2024
£’000
20
(150)
-
-
(130)
2024
£’000
6,090
20
290
(60)
10
(160)
-
6,190


Page 53

INTERNATIONAL CENTRE FOR LIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

25. Defined benefit pension scheme (continued)

Changes in the fair value of the Trust’s share of scheme assets

Assets at 1 April 2024
Interest income
Re-measurement gains/(losses) on assets
Employer contributions
Employee contributions
Benefits paid
At 31 March 2025		 2025
£’000
9,660
450
(70)
30
10
(740)
9,340		 2024
£’000
9,230
440
110
30
10
(160)
9,660

In the year ended 31 March 2025 the actuarial valuation for FRS102 showed a surplus of assets over liabilities at that date of £4,320,000 (2024: £3,470,000). In accordance with FRS102 paragraph 28.22, a pension scheme asset is recognised on the balance sheet only to the extent that pension scheme trustees have agreed an unconditional right to a refund from the scheme at the balance sheet date. This condition was not met at the balance sheet date and therefore the surplus was not recognised.

The actuarial movement for 2025 is therefore the included as follows: -

Actuarial (gain)/loss (740)
Re-measurement gains/(losses) on assets (70)
Movement in asset value (not recognised as per FRS 102 para 28.22) 810
-
2025 2024
£’000 £’000
Present value of defined benefit obligations (5,020) (6,190)
Fair value of plan assets 9,340 9,660
Net asset 4,320 3,470
Restriction to level of asset ceiling (4,320) (3,470)
Net asset recognised in balance sheet - -

The value of the Trust’s share of net assets has been restricted due to the effect of the asset ceiling being the maximum value of the present of the economic benefits available in the form of the unconditional right to reduced contributions to the plan.

The Trustees are aware that the Court of Appeal has upheld the decision in the Virgin Media vs NTL Pension Trustees II Limited case. The decision puts into question the validity of any amendments made in respect of the rules of a contracted-out pension scheme between 6 April 1997 and 5 April 2016. The judgement means that some historic amendments affecting s.9(2B) rights could be void if the necessary actuarial confirmation under s.37 of the Pension Schemes Act 1993 was not obtained.

On 5 June 2025, the Government announced its intention to introduce legislation to give affected pension schemes the ability to retrospectively obtain written confirmation that historical benefit changes met the necessary standards. However, details of the legislation have not been announced. Subject to the Trustees being able to comply with the legislation and the pension scheme obtaining the required written actuarial confirmation(s), the Trustees do not expect the valuation of the scheme liabilities to change.

Page 54

INTERNATIONAL CENTRE FOR LIFE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

26. Related party transactions

In compliance with FRS102, related party transactions in the year are disclosed below:

Trustee Related party
and interest		 Nature of
transaction		 Income
£		 Expenditure
£		 Balance due
as at 31
March 2025
£
Jane
Robinson		 Dean of
Engagement
and Place,
Newcastle
University		 Rent and
service charges		 2,588,704
(2024:2,420,023)		 -
(2024: -)		 19,373
(2024:17,297)
Linda Conlon Board member,
Newcastle
University

Newcastle University also receives a rent rebate of £665,476.

The company has taken advantage of the exemption allowed under FRS102 not to disclose any transaction with entities which are part of the International Centre for Life Trust group as the consolidated financial statements of that group are publicly available.

There are no other related party transactions to disclose.

Page 55